USD/JPY nears 15-year low ahead of Philly Fed, U.S. jobs data

ForexNewsNow | Published on October 21, 2010 at 5:04 am

Intraday analysis - a heap of Japanese yenNEW YORK (Forex News Now) – The U.S. dollar fell against the yen on Thursday, nearing a 15-year low, as FX traders awaited key data on U.S. initial jobless claims and manufacturing activity in the Philadelphia area.

In early European currency market trading, USD/JPY hit 81.04, down 0.06 percent on the day.

The Labor Department was expected to say later that 455,000 Americans filled new claims for unemployment benefits last week, two major online FX trading news outlets reported.

According to intraday analysis, USD/JPY was likely to touch immediate support around Wednesday’s 15-year low, 80.84, and encounter resistance around the high of Oct. 12, 82.35.

The yen’s gains also came after the U.S. Treasury Secretary, Tim Geithner, suggested he sees no need for further weakness in the dollar.

The Wall Street Journal cited Geithner as saying major currencies are “in alignment” and that he will work to persuade leaders at G20 meetings that the United States is not trying to weaken the greenback.

Elsewhere, the yen climbed versus the Aussie: AUDR/JPY traded at 79.94, down 0.12 percent, according to intraday analysis.

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